Johor-Singapore special economic zone initiative reduces unsold properties in Johor

KULAI: The Johor-Singapore Special Economic Zone (JS-SEZ) initiative has played a key role in reducing the number of unsold properties in the state.

State Housing and Local Government Committee chairman Datuk Mohd Jafni Md Shukor said Johor recorded an over 15 per cent growth in property sales between 2022 and last year.

He said almost 90 per cent of the unsold properties were service apartments priced at RM500,000 and above, followed by single and double-storey houses, including strata units and bungalows. In contrast, almost 90 per cent of service apartments priced below RM500,000 were snapped up.

"In fact, 90 per cent of serviced apartments priced at RM500,000 and below were sold, while demand for those priced above this threshold has also increased," Jafni told a press conference after the 'Back To School' aid programme at Dewan Raya Putra here today.

As of December last year, 11,810 serviced apartments remained unsold. However, with the introduction of JS-SEZ last month, Jafni projects that more unsold properties will be purchased.

"There is increasing demand for serviced apartments, and we foresee this trend continuing into the next year," he said.

Currently, 27,688 serviced apartments are under development, with 24,592 more awaiting planning approval in Johor. The development of 52,280 serviced apartments signals the continued positive growth of Johor's economy.

Despite this, the state government remains committed to its Johor Housing Policy, ensuring developers build affordable homes to meet the needs of the people.